Our inheritance tax planning solicitors will help you arrange your estate to ensure your loved ones receive the maximum benefit with minimal tax impact. Contact us today to start planning.
When a loved one dies, those listed in their Will may be entitled to inherit all or part of their estate. The ‘Estate’ consists of any property, possessions or money. If the value of the estate is more than £325,000, recipients of such inheritance may have to pay inheritance tax.
Our team of inheritance tax planning solicitors will help you to effectively arrange your estate plan so you can maximise the amount you leave to loved ones without it being taxed, or at least taxed as much.
Our solicitors are highly skilled and will draw on years of experience to ensure that your estate plan is as tax-efficient as can be. With offices across the UK, we can help plan your estate no matter where you are based. Contact us today via our online enquiry form below or call 03301 732 339.
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How can we help
Our solicitors will look at the reliefs and exemptions available to you to ensure your estate makes the most of the available allowances. This can be especially useful for business owners or those with foreign assets.
Our experienced inheritance tax planning solicitors can help you with:
Inheritance tax planning
Lifetime gifts
Charity donations
Trusts
Non-domicile and international inheritance tax
Appealing inheritance tax decisions with HMRC or at a Tax Tribunal
Frequently Asked Questions
Will I pay inheritance tax on my business?
If you have a business, you may qualify for Business Property Relief. It is possible to get business relief on either 50% or 100%, either while the owner is alive or if listed in their Will.
There are many exceptions and legalities to Business Property Relief so it is important to speak with experienced inheritance tax planning solicitors before making an application.
What is the 7-year inheritance tax rule?
If you give a gift to someone 7 years before you die, it may be exempt from inheritance tax. Whether you are exempt depends on:
Who you give the gift to and what your relationship is
The value of the gift
When the gift was given
How much inheritance tax will my estate face?
If the value of an estate is worth more than £325,000, inheritance tax is charged at a standard rate of 40% on the total value above the threshold. So for an estate worth £400,000, inheritance tax is charged on 40% of £75,000. An estate may be an individual’s property, possessions or money.
A lower rate of 36% inheritance tax is sometimes applicable on certain assets if more than 10% of the estate has been left to charity.
If you believe the value of the estate to be below £325,000, inheritance tax is not applicable but you may still need to report it to HMRC.
How is inheritance tax paid?
Once the assets have been valued at the date of death, the inheritance tax is calculated. Only when the tax has been paid, the Grant of Probate extracted and liabilities paid, then each beneficiary will be given a sum of money, dependent on the amount they inherit.
Inheritance tax must be paid within 6 months of the person’s passing. If you fail to do so, HMRC will charge you interest.
To pay inheritance tax, you will need an Inheritance Tax reference number. Once you have this, you can then make the payment through online banking, telephone banking, through CHAPS, at your bank or by cheque.
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